Mobile devices need mobile cover - by Robert Cooper
Mobile devices need mobile cover
Your devices might be smart, but not insuring them is not
In these modern times we are becoming increasingly mobile. We have our smart phones, our tablets and our laptops. Some even have watches that connect to their systems. With a bit of Wi-Fi or 4G, we can work anywhere! However, this mobile equipment is worth a fair bit of money to us. If we accidentally drop and break this equipment, it will cost a lot to replace! On top of that, what about if the item is stolen?
"... you may not be covered for these risks if they occur away from the Situation address ..."
Under the Fire, Accidental Damage and Burglary sections of a Business Pack policy, you are not covered for these risks if they occur away from the Situation address listed in the schedule. Unless you have taken the General Property section of the policy, you will have no cover for this. Recently, in three separate incidents, our clients decided to take their laptops with them to different caf√©s
- One had coffee accidentally poured into his laptop
- Another customer accidentally knocked her laptop off the table causing the screen to break
- The third person turned their back for a brief moment and found the laptop had disappeared
All of this may be considered quite funny to other people but it could happen to you too! Unfortunately only one of our clients had General Property cover and was able to claim for accidental damage to their laptop. In fact the insurer replaced the whole computer. Their excess was only $100. We hated telling the other clients that they did not have this cover in place. Hindsight is a wonderful thing.
"... General Property Cover can be added to any business package ..."
Many professionals are working from home and visiting their clients. When travelling to see them, your equipment is at risk for Fire, Flood, Collision and Overturning plus Accidental Damage and Theft, when you arrive with these items you take with you from your office. General Property is able to be added to any business package policy or it can be taken "standalone". We have found differences in many of the covers. For instance, many policies require forcible and violent entry for a theft claim to be made. Then there are other policies that will cover theft in the open air. Some other policies limit the accidental damage cover to fire only or simply exclude theft altogether. This can make the premium look quite cheap, but price is not everything. Then there are the excesses payable which can vary from $100 up to $500. So when choosing a General Property cover, do not just compare price but also the coverage annual contribution. Also policies give you a choice between having Specified or Unspecified Cover. Unspecified is where you do not list the items but are instead covered to a maximum amount per item. This can vary from between $1,000 up to $3,000. Unspecified items listed is easier to arrange but you have to prove you owned the item if you make a claim (so hang on to the receipts and instructions books). With specified items, insurers want to know the make, model and serial numbers before cover is provided.
"... the premium is as little as $250 ... "
One of the insurers CPR Insurance often uses for this type of cover is Protecsure. It is underwritten by Chubb Insurance, a highly regarded and reputable company. An example of a premium for those consultants who virtually take their home office (being electronic equipment) with them everywhere, with a sum insured of say $5,000 to cover their laptop tablet and mobile phone, the premium is as little as $250. Tools of Trade, Survey Equipment, Photographic equipment and a Tradesman's Tools of Trades can also be covered by these policies, but depending on the equipment, the terms and conditions may vary. It is definitely worth having your valuable equipment protected when you take it away from your premises. Please contact us if you require this cover. General Advice Warning This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.